Greenbriar reaches terms with PREPA on Montalva pricing
2019-05-27 06:42 ET - News Release
Mr. Jeff Ciachurski reports
GREENBRIAR CAPITAL CORP PROVIDES MONTALVA UPDATE
Further to its news release dated Feb. 6, 2019, Greenbriar Capital Corp. has been in non-stop negotiations with PREPA (Puerto Rico Electric Power Authority) and its consultants (Filsinger Energy Partners) and attorneys (King & Spalding), to permit the Montalva project to proceed forward. Under the guidance of Luis Baco, JD, LLM, the company and PREPA have basically come to terms on pricing. During the negotiating process, PREPA learned that the Montalva site can easily accommodate 145 megawatts of alternating current of capacity, 45 per cent more than the original contract. Greenbriar has been asked to revise its proposal to include the increased capacity, a detailed scheduled timeline to commence construction and sources of project financing. The company secured financing at the project level last year and the financing is still in effect. The company expects to file the revised proposal by the end of this week.
The company is also in talks with a very large Canada-based clean energy power producer regarding a relationship for Montalva and any other solar projects in Puerto Rico. The company advises its shareholders that since hurricanes Irma and Maria impacted the island, timelines and processes have taken much longer than anticipated and such delays are out of the company's control. However, based on its revised proposal and subject to final sign-off by PREPA and the Federal Oversight and Management Board (which previously recommended the project) the company expects to start construction before the end of the year.
About Greenbriar Capital Corp.
Greenbriar is a leading developer of sustainable real estate, real estate blockchain, artificial intelligence and renewable energy. With long-term, high-impact, contracted sales agreements in key project locations and led by a successful, industry-recognized operating and development team, Greenbriar targets deep-valued assets directed at accretive shareholder value.
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